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Forex - USD/JPY, EUR/JPY Flows: Governor Haruhiko Kuroda said the Bank of Japan could lower its target rates if more easing was needed

06:09 (GMT) 15 Feb

[Forex Flows]

Governor Haruhiko Kuroda said the Bank of Japan could lower its target rates if more easing was needed to deal with a deterioration of the economy at home and abroad. BoJ Kuroda was answering questions from lawmakers in parliament. BOJ easing is aimed at achieving price stability, not fx market. The most important characteristic for any central bank governor is the ability to take the most appropriate policy in accordance with changes in the economy. No plan to raise target interest rates as the BOJ is far from its 2% inflation target.

USDJPY still capped by machine offers at 114.50. though the entry of Europe should see prices attempt higher again. Part of the reason for the buoyancy was due to short covering of AUDJPY at levels above 87.50. The cross has quietly printed a 13 month high of 87.79 on the day and the smart money is on a break of 88.00 before the day is over. Some hesitation, however, is likely to be seen at next resistance at 88.20.

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